Rate changes mark new tax year

The arrival of the new tax year sees the introduction of a number of changes to tax rates.

These include a £440 rise in the personal tax allowance, he point at which income tax becomes liable, to £6,475.

National Insurance contributions are payable at 11 per cent on the first £43,875 of earnings and 1 per cent after that, an increase from £40,400.

The basic state pension rises by 5 per cent, a level set by the Retail Prices Index as it stood last September.

And the threshold before inheritance tax is paid climbs to £325,000 from £312,000.